A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
February 12 to February 18 Coverage:
The Monetary Policy Committee (MPC) took a decision to decrease the overnight deposit rate, overnight lending rate, and the rate of the main operation by 100 basis points to 15.75%, 16.25%, and 16.75%, respectively, according to the CBE.
The Monetary Policy Committee declared that the discount rate was down by 100 basis points reaching 16.25%, the CBE announced.
Egypt and Ukraine trade turnover can reach $2 billion, in regards to the agrarian market and the possible export of engineering products, according to Al Mal News
Egypt and Germany signed an agreement for the second tranche worth of $250 million, which is a part of Germany’s $500 million support for Egypt’s economic and social reform program, Al Masry Al Youm reported.
Moody’s Investors Service maintained its positive outlook on Egypt’s banking sector due to its improved operating environment, according to Amwal Al Ghad.
The Egyptian government plans to increase total investments in its new economic plan for fiscal year (FY) 2019/20 by 25% from this year’s targeted amount, Al Mal News reported.
The Egyptian economy is expected to make the best performance in the Middle East and North Africa in 2019 and 2020, with growth rates of 5.3% and 5.2% respectively, Al Borsa News quoted a report by Fitch Rating.